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How Much Can You Save by Using Public Transit?

Gas price is on the rise again!  Which means that the amount of savings for using public transit instead of driving your own car, will increase.  So how much can you really save by making the switch?

According to American Public Transportation Association (APTA), that amount is about $10,000 a year, on average.  I can see that the variance is huge depending on the location, type of car you drive, public transit available in your area, and etc.

If you are thinking that you need to dump your car to realize that saving, wait a minute.

APTA used these methodology to derive at the findings:

These savings are based on the cost of commuting by public transportation compared to the cost of owning and driving a vehicle which includes the April 15, 2014 average national gas price ($3.64 per gallon- reported by AAA), and the national unreserved monthly parking rate.

The national average for a monthly unreserved parking space in a downtown business district is $166.26, according to the 2012 Colliers International Parking Rate Study. Over the course of a year, parking costs for a vehicle can amount to an average of $1,995.

It seems to me that the statistics such as this is far from reality for most folks.  It assumes that you don't need to own a car if you are using public transit for commute.  I'd think at least half or more of the commuters need a car even if they commute via public transportation.

Even for those living in an urban setting, there will be extra transportation expenses incurred during non-working days if you don't own a car.  How would you go grocery shopping or visit friends and family. That will sure offset a portion of the saving.

A more useful statistic would be to compare driving your own car vs using public transit (without selling your car).  I bet the saving is not much at all if you have a moderately priced car with a good driving record.  In many metro areas, using public transit during rush hour can save you time, and a little bit of money.

How Much Can You Save by Using Public Transit? Reviewed by Brandon on 11:24 PM Rating: 5

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